NEW DELHI, Aug 23: Private sector lender Yes Bank will take a call in the second half of the current fiscal on its plans for USD 1 billion (about Rs 6,500 crore) share sale, its chief Rana Kapoor said.
The bank’s board has approved a proposal to raise USD one billion by selling shares in local and overseas markets.
“We will decide about ADR/GDR or domestic issuance of shares in the second half of the current fiscal,” Kapoor, Managing Director and CEO of Yes Bank, told PTI.
The exact time of raising capital would depend on the market conditions, he added.
The board of directors in April empowered the Capital Raising Committee, a sub committee of the Board, to raise funds by the way of issuance of equity capital up to USD 1 billion in one or more tranches on such terms and conditions as it may deem fit.
The share issue may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), as per the board’s decision.
It had raised USD 500 million from a stock sale last May.
Yes Bank’s larger rival HDFC Bank was the last lender to have done an ADR, when it successfully raised Rs 10,000 crore earlier this year.
Besides, Yes Bank has also received approval from its board to hike the foreign shareholding limit up to 74 per cent from existing 49 per cent. (PTI)
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